The price of dogecoin has risen 1% in the past 24 hours, with its current level of $0.085864 representing a jump of 43% over the past month. The meme token owes its recent fortunes to Elon Musk’s $44 billion takeover of Twitter, but with the social media company currently in disarray after its owner gave employees an ultimatum over his new work culture. , it is now uncertain whether DOGE can continue its earlier momentum.
With the coin still down 88% from its all-time high of $0.731578 (set in May 2021), it still has a long way to go before it can regain its old high. This is especially the case when the global macro picture is taken into account, which always outweighs any positivity generated by Twitter’s new owner.
Dogecoin Price Prediction as Elon Musk Gives Twitter Employees an Ultimatum – Can DOGE Rally Now?
DOGE’s indicators offer a mixed picture, with its Relative Strength Index (purple) dropping from 40 and suggesting a possible rebound. On the other hand, its 30-day moving average (red) potentially peaked in its rise above its 200-day average (blue), signaling a potential decline.
This muddled picture is not helped by dogecoin fundamentals, which have recently been heavily tied to Twitter and Elon Musk ownership. That’s because Twitter 2.0, like Musk likes to call ithas been sued in recent days by reports of mass staff resignations.
The resignations came after Musk issued an ultimatum, in which he asked employees to commit to a new, more intensive work culture. It now appears that many employees don’t like the vision the Tesla CEO and SpaceX founder is creating for the social network, and many are abandoning him now.
In fact, some estimates suggest that 75% of Twitter’s remaining 3,700 employees (Musk previously laid off 50% of the social network’s workforce when taking over the company) have now effectively quit. Worse still, the company announced that its San Francisco office would remain closed until Monday.
Now, observers expect Twitter to experience a cascade of technical issues, with a decreasing number of employees available to solve problems. The hashtags #RIPTwitter and #TwitterDown have been trending for a few hours, illustrating the prevailing mood.
This affects dogecoin as its recent gains were based on the presumption that Elon Musk would introduce Twitter payments and/or tips into the altcoin. Now, it looks like the realization of such plans couldn’t be further away, with Musk currently busy convincing engineers to stay with the company.
As such, DOGE’s gains from late October could be dissipated in the coming weeks as Musk’s ownership of Twitter turns increasingly sour. Of course, it could indeed turn the tide and possibly introduce some sort of integration with Dogecoin, but at the moment such a possibility seems increasingly remote.
In reality, earlier reports had suggested that Musk had already put cryptocurrency integration on the back burner, with the Twitter owner urging staff to prioritize rolling out the new subscription system. As a result, it may be a while before DOGE gets another external boost from Musk.
At the same time, it must be said that the fundamentals of DOGE are very weak for such a large cryptocurrency (in terms of market capitalization). When looking at GitHub commits over the past 12 months, for example, it ranks bottom at 108th placebehind Ocean Protocol.
This highlights the relative lack of development that the Dogecoin protocol has seen in 2022 (and before), implying that its recent gains are largely based on hype, rather than a fundamental reason to assume it will outperform. other cryptocurrencies for adoption. He also has few partnerships or adoptions to celebrate, with the occasional report of traders accepting it this year neglecting to mention that such acceptance came as part of a wider acceptance of various other cryptocurrencies as wellI.
In other words, if you take away the association with Elon Musk, DOGE doesn’t have much to do. And with Elon Musk’s name potentially toxic in the wake of his apparent awkwardness of the Twitter takeover, such an association could end up doing more harm than good.
More promising altcoins
Although it looks like DOGE is currently more likely to fall than rise in the near term, there are at least some tokens that have the potential to post good gains even with the current market turmoil (caused primarily by the collapse of FTX).
For the most part, these are new pieces that are currently holding their pre-sales. This means that investors can buy them early at a steep discount before listing them on the exchange, at which point rRecent history has shown that they can rally.
Here are three of the most promising pieces on presale right now. Each of these tokens has strong fundamentals, with their respective selloffs quickly accumulating investors.
Trade Dash 2 (D2T)
Dash 2 Exchange is an Ethereum-based trade intelligence platform where investors can access real-time analytics and social trading data, all of which aim to help them make more informed trading decisions.
Due to launch in the first quarter of 2023, the sale of its native D2T token has already raised over $6.4 million. He also announced listings on BitMart and LBANK Exchange for early next year, confirming that investors will indeed have the ability to secure real returns.
Calvary (RIA) is a new video game that revolves around collecting and trading NFT-based cards, which can also be used to battle with other players and earn rewards. What differentiates it from other titles is that users will be able to play it without having to hold any crypto, which could make it more accessible to more casual gamers.
Within its ecosystem, RIA will be used for purchasing in-game items and for staking, giving it a strong use case within its ecosystem. The token’s pre-sale raised just over $1.8 million and is currently in its fourth stage, during which 40 RIA can be obtained for 1 USDT.
Also running on Ethereum, RobotEra (TARO) is a Sandbox-style Metaverse in which players can play as robots and participate in the creation of its virtual world. Its alpha version will go live by the first quarter of 2023, with its ecosystem allowing users to create their own NFT-based lands, buildings and other game elements.
1 TARO is currently selling for 0.020 USDT (it can be bought in USDT or ETH), although this price will drop to $0.025 during the second stage of its presale, which should begin soon.